New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-06-15
$50, AGO. sl sSs.s79.ols s2e. Ss2. 527

articles named Tor
10 May 81 s492 90 53l s435 24l o4s 7o7a 7C7
Two obstacles to the free and Legitimate movement OF
merchandise have been removed Yesterda avs collapse
I'm the coffee speculation and today's breakup In the
wheat speculation subjects for general congratula
tiOns They both bars TO legitimate transactions
because they forced valuations which not subject TO
tho MEMORABLE OF supply and demand, which In the
end the rule OF values In the world OF capital
well that of labor Possibly few large operators
captal has been impaired or has been entirely lost
But the country gamer The products OF the soil
raised to be marketed to be distributed and finally TO
pass into the hands consumers and any OF
values which eards that is opposed to the interest of
the general public Tbercport OF the Bureau of Sta
tistcs OF exports OF cotton in the last month Of May
is an apt illustration OF the foregoing axiom; only
49, PIT pounds exported in the month against
l3953s 9I2 pounds in May. 1886 simply because
speculators made fictitious value, and one beyond Its
worth for commercial True, the movement OF
wheat was large despite the speculation but that only
proves the necessity Europe for surplus And
who will say that except for that speculative and forced
value our exports wheat In May would not have been
twice they were In connection with this IL
interesting TO note that despite tho large decline In
tho value of the exports shown above and con-
sequence that much smaller supply OF bills OF foreign
exchange the rates for foreign exchange almost steadily
gravtaed toward the specie importing point Who will
say that except the speculation in wheat aud cotton
the country now would not be importing gold
In the stock market these two happy deverances-the
collapse OF the coffee and wheat corners-were tenn
porary used OF depression 1t is reasonable
to expect that such big failures to control the prices
OF articles OF prime necessity should temporarily cause
some feverishness and hesitation until their full
ephemera effect upon the monetary situation, and pos
sby upon financial institutions, was fully devel
oped But II is O short days logic which turns two
events which Immediately will contribute additional
tonnage to the transportation companies into bear"
argument on tho securities OF those companies Amid
the local excitement attending break Of ls cents in
wheat Chicago spectators In stocks perhaps
cusable for losing their heads Fortunately for them
New. YORK continued levelheaded, they would have
realized less for the volumes Of stock which in their
fright they threw overheard. Evidently Chicago
thought Doomsday had come. Tomorrow probably
every Chicagoan will estimate that city at considerably
less financially than no did yesterday, when 1t was maxi
ing tho price OF wheat for the whole world just as our
new spectators In silver propose to tell the world what
silver Is and Is not worth. The bears In the market
took early possession OF the stock market and pressed
their Yesterdays advantages with little vgor. but
they made little Roadway In prices till Chicago came
In panc-strcken and generally sold what 1t had right
aud left That the harvest Of the larger class OF
bears and they and good buying for the long ac-
count absorbed Chcagos ofer ngs within declines OF
per cent while the aller bruns-the cubs-contnued
TO follow the market down with additional sales rally
followed which left the prices OF the active stocks only
liGA per cent lower than last evening" Ihe market
closed quiet with q d" finnish " look 49,
Government bonds quiet and firm with recovery
OF a per cent bids for the Is Annexed are the
closing quotations: